KBRA Affirms the Rating of Argentic Risk Retention Pass Through Certificates, MOA 2020-WC52 E
11 Jul 2025 | New York
KBRA affirms the outstanding BB- (sf) rating of Argentic Risk Retention Pass Through Certificates, MOA 2020-WC52 E, a $16.9 million pass through certificate. The rating is solely dependent on the rating of the underlying E-RR certificate within WFCM 2019-C52, a CMBS conduit securitization rated by KBRA. The affirmations follow a surveillance review of the underlying transaction, which has exhibited stable pool performance since KBRA’s last ratings change in July 2024.
As of the June 2025 remittance report, there are two specially serviced loans (6.0% of the pool balance) within the underlying trust, one of which is in foreclosure (2.7%) and the other is 90+ days delinquent (3.3%). KBRA identified 15 K-LOCs (24.7%), seven of which (12.1%) have estimated losses. Excluding the K-LOCs with estimated losses, the transaction's WA KLTV is 95.9%, compared to 99.3% at the last ratings change in July 2024 and 98.7% at securitization. The KDSC is 1.85x, compared to 1.83x at the last ratings change and 1.96x at securitization.
Rating Sensitivities
The factors that can lead to qualification or change of the rating include: 1) The rating of the pass through certificate is directly and solely dependent on the rating of its underlying collateral certificate, 2) The rating of the underlying collateral certificate is dependent on the performance of the CMBS conduit transaction that issued them, which is a function of the credit behavior of the underlying loans and performance of the properties that serve as loan collateral, and 3) The scope and interpretation of risk retention regulations is largely untested in any legal or regulatory proceedings. Adverse interpretations or actions by legal or regulatory authorities could result in qualification or withdrawal of ratings on the pass through certificate.
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